The Slovenia Times

Triglav reports 36.1m net profit for H1, a 6% y/y increase


Premium growth was recorded in all insurance markets and all three insurance segments. In the largest segment, the non-life insurance segment, premiums were up by 8%, while the life insurance and health insurance segments saw premium increases of 6% and 14%, respectively.

The group did well on all markets, with the average premium growth on the Slovenian market standing at 7% and on the markets abroad at 12%. The highest growth, 33%, was recorded on the Serbian market.

Slovenia remains Triglav's main market, but the the premiums share on foreign markets is gradually increasing, reaching 17.6% by the second half of the year, a 0.6-percentage point increase on the end of June 2016.

Gross claims paid meanwhile totalled EUR 314.2m, a 4% year-on-year increase, which was primarily the result of the larger insurance portfolio and higher claims frequency.

"The group's performance was affected to a certain extent by mass loss events, which amounted to EUR 13.1m in the reporting period. Despite the increase in the claims ratio, the group's combined ratio was favourable at 95.5%, which corresponds to its average target value in the strategy period," Triglav wrote.

The core company collected EUR 352.1m in gross premiums in the first half of the year, a 7% increase. Net profit was up 19% to EUR 35.1m.

Chairman Andrej Slapar was quoted as saying that the management is "satisfied with our performance in the first half of 2017".

"Taking into account the business conditions anticipated until the end of the year, we estimate that the annual profit before tax of Triglav group will be within the planned range," he announced.

Zavarovalnica Triglav, which is in majority state ownership, had a workforce of 5,102 at group level at the end of June. The core company employed 2,305 people.


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